Euro Leads The Dollar


For a while I have felt that the Euro is going to give the lead signal for the dollar index. which is why I have been covering it more actively in the recent months. So it broke out of a inverted head and shoulders bottom yesterday by closing above 1.0795. Staying above it the trend up should continue towards the weekly resistance near 1.083 and above that a clear shot to the 1.15 mark exists.

The only alternate I was considering was that if we failed to breakout above 1.0795 then maybe the Euro forms a triangle with one last push down to 1.055. I do not expect this as the rally appears quite impulsive to me and subdividing and extending. But a failure to hold above 1.0795 would open up this case. So far we are above the breakout point.


Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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